Question 1

The better method for comparing two different data sets is what measure of error?

Accepted Answer

A) CFE 
B) MSE 
C) MAD 
D) QFD 
E) MAPE 
A) CFE 
B) MSE 
C) MAD 
D) QFD 
E) MAPE E

Question 2

Innovative products are generally more difficult to forecast than stable products.

Accepted Answer

A) True 
 B)False  True

Question 3

Which are the two basic types of forecasting?

Accepted Answer

A) Quantitative and qualitative 
B) Subjective and correlated 
C) Causal and reflective 
D) Time series and naïve 
E) Averaging and regression 
A) Quantitative and qualitative 
B) Subjective and correlated 
C) Causal and reflective 
D) Time series and naïve 
E) Averaging and regression A

Question 4

Which of the following is not a qualitative method?

Accepted Answer

A) Market research 
B) Delphi method 
C) Causal methods 
D) Sales force planning 
E) All are qualitative methods 
A) Market research 
B) Delphi method 
C) Causal methods 
D) Sales force planning 
E) All are qualitative methods

Question 5

For the following data showing actual demand and forecasted demand for each quarter,calculate the MSE.

Accepted Answer

@#IMG-DLM& MSE = 225

Question 6

Fashion and economic conditions produce cycles.

Accepted Answer

A) True 
 B)False

Question 7

Companies must have perfect forecasts for planning purposes.

Accepted Answer

A) True 
 B)False

Question 8

Identify four basic principles of forecasting.

Accepted Answer

Forecasts are wrong,forecasts get worse

Question 9

Which value does a naïve forecast use to forecast the next period?

Accepted Answer

A) An average of the last 3 periods 
B) An average of the last 7 periods 
C) A weighted average of the last 3 periods 
D) The previous forecasted value 
E) The current actual value 
A) An average of the last 3 periods 
B) An average of the last 7 periods 
C) A weighted average of the last 3 periods 
D) The previous forecasted value 
E) The current actual value

Question 10

This term refers to the statistic that measures the amount of variation in the dependent variable that the regression line explains.

Accepted Answer

A) Correlation coefficient 
B) Coefficient of determination 
C) Standard error 
D) Predictor equation slope coefficient 
E) Type I error 
A) Correlation coefficient 
B) Coefficient of determination 
C) Standard error 
D) Predictor equation slope coefficient 
E) Type I error

Question 11

A naïve forecast considers several periods of past data in creating a forecast.

Accepted Answer

A) True 
 B)False

Question 12

For which of the following would a forecast not be the best method for determining the needed information?

Accepted Answer

A) Planning the number of production or service facilities needed 
B) Determining staffing allocations 
C) Determining the number of screws needed to mass produce chairs 
D) Planning capacity requirements 
E) Determining how many hours of production are needed to meet demand 
A) Planning the number of production or service facilities needed 
B) Determining staffing allocations 
C) Determining the number of screws needed to mass produce chairs 
D) Planning capacity requirements 
E) Determining how many hours of production are needed to meet demand

Question 13

Cyclical factors are similar to seasonal factors,but have a much longer time period than seasonal factors.

Accepted Answer

A) True 
 B)False

Question 14

Forecasting becomes more difficult the farther a forecast looks into the future.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following is a causal method for forecasting?

Accepted Answer

A) Moving average 
B) Naïve method 
C) Linear regression 
D) MSE 
E) Delphi method 
A) Moving average 
B) Naïve method 
C) Linear regression 
D) MSE 
E) Delphi method

Question 16

The local university's student weight room recorded the number of visitors over the previous 5 days.
   What would a naïve forecast be for the 6th day?

Accepted Answer

The naïve forecast w

Question 17

Decomposition of data involves separating historical data into components.

Accepted Answer

A) True 
 B)False

Question 18

Forecasting methods should be used for products with dependent demand.

Accepted Answer

A) True 
 B)False

Question 19

The mean squared error is the best tool for measuring forecast error.

Accepted Answer

A) True 
 B)False

Question 20

Generally describe methods that utilize qualitative data for forecasting,and give three examples of qualitative techniques.

Accepted Answer

Qualitative methods are commonly used wh

The better method for comparing two different data sets is what measure of error?

Innovative products are generally more difficult to forecast than stable products.

Which are the two basic types of forecasting?

Which of the following is not a qualitative method?

For the following data showing actual demand and forecasted demand for each quarter,calculate the MSE.

Fashion and economic conditions produce cycles.

Companies must have perfect forecasts for planning purposes.

Identify four basic principles of forecasting.

Which value does a naïve forecast use to forecast the next period?

This term refers to the statistic that measures the amount of variation in the dependent variable that the regression line explains.

A naïve forecast considers several periods of past data in creating a forecast.

For which of the following would a forecast not be the best method for determining the needed information?

Cyclical factors are similar to seasonal factors,but have a much longer time period than seasonal factors.

Forecasting becomes more difficult the farther a forecast looks into the future.

Which of the following is a causal method for forecasting?

The local university's student weight room recorded the number of visitors over the previous 5 days. What would a naïve forecast be for the 6th day?

Decomposition of data involves separating historical data into components.

Forecasting methods should be used for products with dependent demand.

The mean squared error is the best tool for measuring forecast error.

Generally describe methods that utilize qualitative data for forecasting,and give three examples of qualitative techniques.

Operations and Supply Chain Strategy

Quality Management

New Product Development

Process Design and Analysis

Independent Demand Inventory

Dependent Demand Inventory

Project Management

Optimization and Simulation Modeling

Capacity Planning

Quality Improvement Methods

Lean Enterprise

Technology and Integrated Supply Management

Global Supply Chain and Service Integration

Filters

Exam 5: Forecasting

The better method for comparing two different data sets is what measure of error?

Innovative products are generally more difficult to forecast than stable products.

Which are the two basic types of forecasting?

Which of the following is not a qualitative method?

For the following data showing actual demand and forecasted demand for each quarter,calculate the MSE.

Fashion and economic conditions produce cycles.

Companies must have perfect forecasts for planning purposes.

Identify four basic principles of forecasting.

Which value does a naïve forecast use to forecast the next period?

This term refers to the statistic that measures the amount of variation in the dependent variable that the regression line explains.

A naïve forecast considers several periods of past data in creating a forecast.

For which of the following would a forecast not be the best method for determining the needed information?

Cyclical factors are similar to seasonal factors,but have a much longer time period than seasonal factors.

Forecasting becomes more difficult the farther a forecast looks into the future.

Which of the following is a causal method for forecasting?

The local university's student weight room recorded the number of visitors over the previous 5 days. What would a naïve forecast be for the 6th day?

Decomposition of data involves separating historical data into components.

Forecasting methods should be used for products with dependent demand.

The mean squared error is the best tool for measuring forecast error.

Generally describe methods that utilize qualitative data for forecasting,and give three examples of qualitative techniques.

Operations and Supply Chain Strategy

Quality Management

New Product Development

Process Design and Analysis

Independent Demand Inventory

Dependent Demand Inventory

Project Management

Optimization and Simulation Modeling

Capacity Planning

Quality Improvement Methods

Lean Enterprise

Technology and Integrated Supply Management

Global Supply Chain and Service Integration

Filters